Visa and ConsenSys partners to help central banks for CBDCs iniatives

Giant payment network company Visa established a partnership with ConsenSys to provide support for the CBDCs development.

Right now the majority of the Central banks and private banks are trying their best to adopt this blockchain technology to bring advancement in the payment system and also provide the high potential to the financial system to step with the trend. The majority of the Banks are lagging in the development of their stable coin or Central Bank Digital Currency (CBDCs) because of their lack of knowledge in blockchain development. 

Blockchain tech provider company ConsenSys and Blockchain giant team of Visa did a special kind of partnership. The main purpose of this partnership is to give support to the CBDCs development. 

The head of CBDCs of Visa, Catharine Gu, shared the plan of the company in a conversation with theblockcrypto and said that both the parties are in talks with many Central banks in the world to provide support through its team in the CBDCs rollout. 

Reportedly, both of these two companies will work on further the integration of CBDCs and traditional tech payment system integration. That means, they will integrate the Visa payment system with the CBDCs based channels, so that people can adopt the CBDCs easily without going through any flaws or limitations.

In this way, an integrated Visa payment system with ConsenSys’  blockchain technology will allow enterprises to easily adopt blockchain technology. 

Gu also noted that the future years will be critical for the businesses to understand the role of CBDCs in the payment system and also it will be a challenging moment for the businesses on how the money can exist in two forms together. 

“The next two to three years will be critical” in understanding the role CBDC will play in payments systems in the future..the key challenge is understanding how new forms of money can coexist with existing means of payments and existing systems.”

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